Public Joint Stock Company Gazprom (Russian: Публи́чное акционе́рное о́бщество «Газпром», Publichnoe Aktsionernoe Obshchestvo Gazprom, abbreviated PAO Gazprom, Russian: ПАО «Газпром», IPA: ) is a large Russian company founded in 1989, which carries on the business of extraction, production, transport, and sale of natural gas. The company is majority owned by the Government of Russia, though technically private. Its name is a portmanteau of the Russian words Gazovaya Promyshlennost (Russian: га́зовая промы́шленность - gas industry). Gazprom is in the process of moving from Moscow to Saint Petersburg, where it is constructing Europe's tallest building for its new headquarters.
Gazprom was created in 1989 when the Soviet Ministry of Gas Industry was converted to a corporation, retaining all of its assets. Gazprom is involved in the Russian Government's diplomatic efforts, setting of gas prices, and access to pipelines.
Gazprom's production fields are located around the Gulf of Ob in Western Siberia. Plans have also been made to mine the Yamal Peninsula. Gazprom's gas transport system includes 158,200 kilometres of gas trunk lines. Projects include Nord Stream and South Stream. In 2011, Gazprom produced about 513.2 billion cubic metres (18.12 trillion cubic feet) of natural gas, more than seventeen percent of global gas production. Gazprom also produced about 32.3 million tons of crude oil and nearly 12.1 million tons of gas condensate.
The company has subsidiaries in industrial sectors including finance, media and aviation, and majority stakes in other companies.
In 1943, during World War II, the government of the Soviet Union developed a domestic gas industry. In 1965, it centralized gas exploration, development, and distribution within the Ministry of Gas Industry. In the 1970s and 1980s, the Ministry of Gas Industry found large natural gas reserves in Siberia, the Ural region and the Volga region. The Soviet Union became a major gas producer.
In August 1989, under the leadership of Viktor Chernomyrdin, the Ministry of Gas Industry was renamed the State Gas Concern Gazprom, and became the Soviet Union's first state run corporate enterprise.
In late 1991, when the Soviet Union dissolved, gas industry assets were transferred to newly established national companies, such as Ukrgazprom and Turkmengazprom. Gazprom kept assets located in Russia and secured a monopoly in the gas sector.